Ferrari (NYSE:RACE) Rating Lowered to "Moderate Sell" at Cfra Research

Key Points

• Cfra Research has downgraded Ferrari's rating from "hold" to a "moderate sell", indicating a change in sentiment towards the stock.
• Ferrari reported earnings of $2.70 per share for its latest quarter, surpassing expectations of $2.57, with a year-over-year revenue increase of 4.4%.
• The company's current market capitalization is approximately $105.81 billion and it has a consensus price target of $526.25, maintaining a general rating of "Moderate Buy" among analysts.

Ferrari (NYSE:RACE - Get Free Report) was downgraded by Cfra Research from a "hold" rating to a "moderate sell" rating in a note issued to investors on Thursday,Zacks.com reports.

RACE has been the topic of a number of other research reports. Wall Street Zen lowered Ferrari from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. UBS Group lifted their price objective on Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $526.25.

Ferrari Stock Performance

Shares of RACE stock opened at $436.54 on Thursday. The stock has a market capitalization of $105.81 billion, a PE ratio of 45.05, a price-to-earnings-growth ratio of 4.86 and a beta of 1.09. Ferrari has a 52-week low of $391.54 and a 52-week high of $519.10. The stock's 50-day moving average price is $484.02 and its 200 day moving average price is $464.81. The company has a quick ratio of 4.04, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.13. The firm had revenue of $2.12 billion for the quarter, compared to analysts' expectations of $2.05 billion. Ferrari had a return on equity of 46.22% and a net margin of 22.95%. The firm's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.29 EPS. As a group, equities research analysts forecast that Ferrari will post 9.22 EPS for the current year.

Institutional Investors Weigh In On Ferrari

Several institutional investors have recently modified their holdings of RACE. American Century Companies Inc. boosted its stake in shares of Ferrari by 11.5% during the 4th quarter. American Century Companies Inc. now owns 6,239 shares of the company's stock worth $2,651,000 after acquiring an additional 642 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Ferrari during the 4th quarter worth approximately $13,456,000. Franklin Resources Inc. boosted its stake in shares of Ferrari by 13.8% during the 4th quarter. Franklin Resources Inc. now owns 25,093 shares of the company's stock worth $10,689,000 after acquiring an additional 3,038 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Ferrari by 144.3% during the 4th quarter. National Bank of Canada FI now owns 5,638 shares of the company's stock worth $2,400,000 after acquiring an additional 3,330 shares in the last quarter. Finally, Prudential PLC boosted its stake in shares of Ferrari by 39.4% during the 4th quarter. Prudential PLC now owns 9,630 shares of the company's stock worth $4,108,000 after acquiring an additional 2,723 shares in the last quarter.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.

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